Cresco Labs CRLBF, +0.25% CL, stock was down 1.6% in premarket trading Monday after the cannabis company said it mutually agreed to terminate its merger agreement with Columbia Care CCHWF, +0.02% after the two companies initially announced the deal in March, 2022. The parties do not have to pay any penalties or fees. “In light of the evolving landscape in the cannabis industry, we believe the decision to terminate the planned transaction is in the long-term interest of Cresco Labs and our shareholders,” Cresco Labs CEO Charles Bachtell said in a statement. Columbia Care CEO Nicholas Vita said the decision “is the best path forward” for shareholders. The Nov. 4, 2022 agreement to divest New York, Illinois and Massachusetts assets of Cresco and Columbia Care to an entity owned and controlled by Sean “Diddy” Combs has also been terminated, effective July 28, the companies said. Cresco Labs and Columbia Care said June 30 they were unable to sell units needed to complete proposed merger deal
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